JLL Brokers $7.9M Sale of 601 Hamburg Medical Office Building in Wayne, NJ

MORRISTOWN, N.J. — June 11, 2026 — JLL has arranged the $7.9 million sale of 601 Hamburg, a 37,770-square-foot medical office building located in Wayne, New Jersey, the firm announced. JLL marketed the asset on behalf of the seller, March Associates, and procured the buyer, Pinnacle Group of Hudson Valley.

Deal Details

The three-story building at 601 Hamburg Turnpike was developed in 2002 by March Associates, which has occupied a portion of the property as its corporate headquarters since that time. At the time of sale, the asset was 97% leased to medical tenants — including Denville Diagnostics/Star MRI, Wayne Dental Arts, and Spectrum Therapeutics — outside of the March Associates space. The $7.9 million transaction implies a price of approximately $209 per square foot based on the building's 37,770-square-foot size.

JLL's Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jeremy Neuer, Director Michael Kavaler, Senior Director JB Bruno, and Senior Analyst Cody Johnson.

"We continue to see robust investor interest for well-located medical office buildings in the suburban tri-state," said Kavaler. "The quality of the asset and tenancy combined with the positive fundamentals of the northern New Jersey medical market drove a competitive field resulting in a strong execution."

Asset Profile

601 Hamburg is located approximately one mile from St. Joseph's Hospital in Wayne, a proximity JLL cited as a key driver of investor demand. The building's 97% occupancy rate is achieved through a mix of diagnostics, dental, and therapeutic tenants.

Seller Background

March Associates developed the property in 2002 and has held it for more than two decades, occupying a portion as its corporate headquarters. March Associates Construction is a general contracting and construction management firm with over 35 years of experience in the Tri-State area, specializing in commercial, industrial, and multifamily residential developments. The firm has managed more than $8.5 billion in commercial construction projects since its founding.

Market Context

JLL's Capital Markets group operates globally with more than 3,000 Capital Markets specialists across offices in nearly 50 countries, providing investment sales and advisory, debt advisory, equity and fund placement, net lease, and related capital solutions for real estate investors and occupiers.

The 601 Hamburg sale is among a series of recent medical office transactions in Northern New Jersey brokered by JLL, including the $24 million sale of Jackson Health Village and the trade of Patriot Plaza in Hackettstown, which was acquired by Kayne Anderson Real Estate and Remedy Medical Properties.

Sources

JLL Newsroom: Northern New Jersey Medical Office Trades — June 11, 2026